SUI price hits new all-time high as VanEck launches SUI ETN in Europe

VanEck Europe, the European arm of the prominent global asset management firm VanEck, has introduced a new exchange-traded note (ETN) based on the SUI token in Europe.

The SUI ETN allows investors in over 15 European countries, including some non-EU nations, to gain exposure to SUI without needing to directly hold the asset.

The ETN, which is now available on Euronext Amsterdam and Euronext Paris, represents a strategic step in VanEck’s broader push to strengthen its presence in the European cryptocurrency market.

SUI price hits new ATH

The launch of the SUI ETN comes at an opportune time, as SUI’s price has reached an all-time high, drawing significant investor interest.

On November 12, the token hit $3.31, before climbing further to $3.43, representing an 11.2% increase over 24 hours and a substantial 50.2% rise over the past week.

Although it has slightly pulled back to around $3.35 by the time of writing, the market sentiment is still very bullish with the RSI indicator at 60.26 on the 4-hour chart.

Over the past year, SUI has exhibited remarkable growth, boasting a 443.0% increase.

The VanEck SUI ETN

The new ETN tracks the MarketVector Sui Network VWAP Close Index and is fully backed by SUI tokens held securely with Liechtenstein’s Bank Frick.

VanEck’s decision to incorporate SUI into its offerings highlights the growing demand for innovative blockchain solutions that go beyond established names like Bitcoin and Ethereum.

Unlike the older blockchains, Sui’s decentralized platform supports simultaneous transaction processing, making it highly efficient and scalable.

This capability renders it ideal for real-time financial services and gaming applications.

Menno Martens, Crypto Product Manager at VanEck Europe, noted the standout features of the Sui blockchain in a report published on November 7.

VanEck believes the Sui network has a “strong growth potential because its consistently low transaction costs make it a real alternative to older blockchains.”

Menno Martens also adds that the “VanEck Sui ETN gives investors the opportunity to participate in the development of this promising blockchain network in an exchange-traded and comparatively simple way.”

Martijn Rozemuller, VanEck Europe’s CEO, echoed these sentiments, emphasizing SUI’s fast transaction speeds and positioning it as a bridge between Web2 and Web3 technologies.

The timing of the ETN launch coincides with other pivotal developments, including the debut of HIPPO, the first SUI-based meme coin, which has further fueled market excitement.

While analysts have observed some bearish market signals, the strong momentum in SUI’s price reflects continued investor confidence.

On a broader scope, VanEck’s SUI ETN is the latest addition to its comprehensive crypto product suite, which also features ETNs for Bitcoin, Ethereum, Polkadot, PYTH, and Solana staking.

As VanEck continues to enhance its offerings, its broader European ETN strategy suggests that the firm may soon unveil more blockchain-based products.

For now, the SUI ETN stands as a testament to VanEck’s commitment to providing European investors with diversified access to the rapidly evolving crypto landscape.

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